BULL & BEAR GOLD INVESTORS LTD, 497, 1998-04-30

BULL & BEAR GOLD INVESTORS LTD
497, 1998-04-30

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 BULL
& 
 BEAR__________________________________________________
 PERFORMANCE DRIVEN




                                  Bull & Bear
                              Gold Investors Ltd.


                      Supplement Dated May 1, 1998 to the
                       Prospectus dated September 1, 1997

         The following supplements and supercedes
         any contrary information contained in 
         the Fund's prospectus.


   Thomas B. Winmill, President and Chief Executive Officer of Bull & Bear
Advisers, Inc. (the "Investment Manager") and the Fund, is the Fund's 
portfolio manager.  Mr. Winmill has served as a member of the Investment 
Manager's Investment Policy Committee since 1990 and as portfolio manager of the
Fund since May 1, 1998.




                                                                 GL-SUP-5/8